An item would be considered material and therefore would be disclosed in the financial statements if the
a. expected benefits of disclosure exceed the additional costs.
b. impact on earnings is greater than 3 percent.
c. FASB definition of materiality is met.
d. omission of misstatement of the amount would make a difference to the users.
D
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Write a note on the inputs into, and outputs from the marketing plan, with regard to the engineering group
of an organization. What will be an ideal response?
Which of the following statements is true of a breach of contract?
A) Strict performance by a party discharges that party's duties under the contract. B) Inferior performance constitutes a minor breach of contract. C) Substantial performance constitutes a material breach. D) The most common remedy for a breach of contract is an award of equitable remedies.